The present invention relates to a phenolic compound useful in protecting organic materials normally subject to oxidative degradation. U.S. Pat. No. 4,000,113 (Stephen I) claims the following compounds: ##STR2## The compounds of Stephen I differ from the compound of the present invention by the hereto atom used in the ring. U.S. Pat. No. 4,000,112 (Stephen II) discloses compounds of the formula ##STR3## The compounds of Stephen II differ from the compound of the present invention by the manner in which the phenolic ring is attached to the bicyclic ring.